89-066 RES
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CERTIFICATION OF MINUTES RELATING TO
$480,000 GENERAL OBLIGATION FIRE EQUIPMENT
BONDS, SERIES 1989A
Issuer:
City of Elk River, Minnesota
Governing Body: City Council
Kind, date, time, and place of meeting: A regular meeting held
Monday, November 6, 1989, at 7:00 o'clock p.m., at the Elk
River City Library in Elk River, Minnesota (the City).
Members present: Mayor Tralle, Councilmembers Dobel,
Kropuenske, Schuldt, and Holmgren
Members absent: None
Documents Attached:
Minutes of said meeting (including):
RESOLUTION NO. 89- 66
RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE,
PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR
THE PAYMENT OF $480,000 GENERAL OBLIGATION FIRE
EQUIPMENT BONDS, SERIES 1989A
I, the undersigned, certify that the documents attached
hereto, as described above, have been carefully compared with
the original records of the City, from which they have been
transcribed; that said documents are a correct and complete
transcript of the minutes of a meeting of the governing body of
the City, and correct and complete copies of all resolutions
and other actions taken and of all documents approved by the
governing body at said meeting, so far as they relate to said
bonds; and that said meeting was duly held by the governing
body at the time and place and was attended throughout by the
members indicated above, pursuant to call and notice of such
meeting given as required by law.
WITNESS my hand and the seal of the City this ~ day of
November, 1989.
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(Seal)
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The Clerk presented to the Council affidavits showing
publication of a notice of sale of $480,000 General Obligation
Fire Equipment Bonds, Series 1989A, of the City, in accordance
with the resolution adopted by the City Council on
September 25, 1989. The affidavits were examined, found to
comply with the requirements of applicable law, and directed to
be placed on file.
The Clerk then reported that
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sealed bids for the
bonds had been received at the time and place designated in the
notice of sale. The bids received are described on the
schedule attached hereto.
Member
Dobel
then introduced the following
resolution and moved its adoption:
RESOLUTION NO. 89-66
RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE,
PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR
THE PAYMENT OF $480,000 GENERAL OBLIGATION FIRE
EQUIPMENT BONDS, SERIES 1989A
BE IT RESOLVED by the City Council of the City of Elk
River, Minnesota (the Issuer), as follows:
Section 1. Authorization and Sale.
1.01. This Council, by resolution duly adopted
September 25, 1989, authorized the issuance and sale of General
Obligation Fire Equipment Bonds, Series 1989A, of the Issuer,
hereinafter called "the Bonds," the proceeds of which are to be
used to finance the purchase of certain fire protection
equipment (the Equipment).
1.02. A resolution adopted by this Council on
september 25, 1989, set the meeting of the Council held on
October 23, 1989, as a meeting to consider sale of the Bonds
pursuant to sealed bids. At the time of the meeting held
October 23, 1989, it was determined that it was necessary to
postpone the consideration of the sale of the Bonds until the
Council meeting to be held November 6, 1989.
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1.03. Notice of sale of the Bonds has been duly published,
and the Council has publicly considered all sealed bids
presented in conformity with the notice. The most favorable of
such bids is determined to be that of Cronin & Com?any. Inc.
(the Purchaser), to purchase the Bonds at a price of
$ 475,080.00 plus accrued interest to the day of
delivery and paYment, and upon the further terms and conditions
set forth in this resolution. The bid of the Purchaser is
hereby accepted and the sale of the Bonds is hereby awarded to
the Purchaser.
1.04. The Mayor and the City Administrator are directed to
execute in duplicate a contract on the part of the Issuer for
the sale of the Bonds in accordance with the terms described in
Section 1.03, and to deliver a duplicate to the Purchaser. The
City Treasurer is directed to deposit the Purchaser's check
securing the contract of sale, and to return the checks
securing other bids to the respective bidders.
Section 2. Bond Terms; Reqistration; Execution and
Delivery.
2.01. Maturities; Interest Rates; Denominations. The Bonds
shall be designated General Obligation Fire Equipment Bonds,
Series 1989A, shall be originally dated as of December 1, 1989,
shall be in the denomination of $5,000 each, or any integral
multiple thereof, shall mature on February 1, in the respective
years and amounts stated below, and shall bear interest from
date of issue until paid or duly called for redemption at the
respective annual rates set forth opposite such years and
amounts, as follows:
Year Amount Rate
1992 $35,000 6.10%
1993 $40,000 6.20%
1994 $40,000 6.25%
1995 $40,000 6.30%
1996 $45,000 6.40%
1997 $50,000 6.45%
1998 $50,000 6.50%
1999 $55,000 6.60%
2000 $60,000 6.70%
2001 $65,000 6.80%
2.02. Dates; Interest Payment Dates; Interest and Principal
Payment. Each Bond shall be dated as of the last interest
paYment date preceding the date of authentication to which
interest on the Bond has been paid or made available for
paYment, unless (i) the date of authentication is an interest
paYment date to which interest has been paid or made available
for paYment, in which case such Bond shall be dated as of the
date of authentication, or (ii) the date of authentication is
prior to August 1, 1990, in which case such Bond shall be dated
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as of December 1, 1989. Interest on the Bonds shall be payable
on February 1 and August 1 in each year, commencing August 1,
1990, to the owner of record thereof as of the close of
business on the fifteenth day of the immediately preceding
month, whether or not such day is a business day (the Record
Date). Interest shall be paid on each interest paYment date by
check or draft mailed to the person in whose name the Bond is
registered on the registration books of the City maintained by
the Registrar, hereinafter defined, and at the address
appearing thereon on the Record Date. Principal of any Bond,
at maturity or earlier redemption, is payable on presentation
and surrender of the Bond at the principal office of the paying
agent.
2.03. Reqistration. The Bonds shall be issued in fully
registered form. The Issuer shall appoint, and shall maintain,
a bond registrar, transfer agent, and paying agent (the
Registrar). The effect of registration and the rights and
duties of the Issuer and the Registrar with respect thereto
shall be as follows:
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(a) Reqister. The Registrar shall keep at its
principal corporate trust office a bond register
in which the Registrar shall provide for the
registration of ownership of the Bonds and the
registration of transfers and exchanges of
Bonds.
(b) Transfer of Bonds. Upon surrender for transfer
of any Bond duly endorsed by the registered
owner thereof, or accompanied by a written
instrument of transfer, in form satisfactory to
the Registrar, duly executed by the registered
owner thereof or by an attorney duly authorized
by the registered owner in writing, the
Registrar shall authenticate and deliver, in the
name of the designated transferee or
transferees, one or more new Bonds of a like
aggregate principal amount and maturity, as
requested by the transferor. The Registrar may,
however, close the books for registration of any
transfer after the fifteenth day of the month
preceding each interest payment date and until
such interest paYment date.
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(c) Exchange of Bonds. Whenever any Bonds are
surrendered by the registered owner for
exchange, the Registrar shall authenticate and
deliver one or more new Bonds of a like
aggregate principal amount and maturity, as
requested by the registered owner or the owner's
attorney, so designated in writing.
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(d) Cancellation. All Bonds surrendered upon any
transfer or exchange shall be promptly cancelled
by the Registrar and thereafter disposed of as
directed by the Issuer.
(e) Improper or Unauthorized Transfer. When any
Bond is presented to the Registrar for transfer,
the Registrar may refuse to transfer the same
until it is satisfied that the endorsement on
such Bond or separate instrument of transfer is
valid and genuine and that the requested
transfer is legally authorized. The Registrar
shall incur no liability for the refusal, in
good faith, to make transfers which it, in its
judgment, deems improper or unauthorized.
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(f) Persons Deemed Owners. The Issuer and the
Registrar may treat the person in whose name any
Bond is at any time registered in the bond
register as the absolute owner of such Bond,
whether such Bond shall be overdue or not, for
the purpose of receiving paYment of, or on
account of, the principal of and any interest
on, such Bond and for all other purposes, and
all such payments so made to any such registered
owner or upon the owner's order shall be valid
and effectual to satisfy and discharge the
liability upon such Bond to the extent of the
sum or sums so paid.
(g) Taxes, Fees, and Charqes. For every transfer or
exchange of Bonds, the Registrar may impose a
charge upon the owner thereof sufficient to
reimburse the Registrar for any tax, fee, or
other governmental charge required to be paid
with respect to such transfer or exchange.
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(h) Mutilated, Lost, Stolen, or Destroyed Bonds. In
case any Bond shall become mutilated or be
destroyed, stolen or lost, the Registrar shall
deliver a new Bond of like amount, number,
maturity date, and tenor in exchange and
substitution for and upon cancellation of any
such mutilated Bond or in lieu of and in
substitution for any such Bond destroyed,
stolen, or lost, upon the paYment of the
reasonable expenses and charges of the Registrar
in connection therewith; and, in the case of a
Bond destroyed, stolen, or lost, upon filing
with the Registrar of evidence satisfactory to
it that such Bond was destroyed, stolen, or
lost, and of the ownership thereof, and upon
furnishing to the Registrar of an appropriate
bond or indemnity in form, substance, and amount
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satisfactory to it, in which both the Issuer and
the Registrar shall be named as obligees. All
Bonds so surrendered to the Registrar shall be
cancelled by it and evidence of such
cancellation shall be given to the Issuer. If
the mutilated, destroyed, stolen, or lost Bond
has already matured or been called for
redemption in accordance with its terms, it
shall not be necessary to issue a new Bond prior
to payment.
2.04. Appointment of Initial Reqistrar. The Issuer hereby
appoints Marquette Bank Hinneapo).is, National Association,
as the initial Registrar. The Mayor and the City Administrator
are authorized to execute and deliver, on behalf of the Issuer,
a contract with said Registrar. Upon merger or consolidation
of the Registrar with another corporation, if the resulting
corporation is a bank or trust company authorized by law to
conduct such business, such corporation shall be authorized to
act as successor Registrar. The Issuer agrees to pay the
reasonable and customary charges of the Registrar for the
services performed. The Issuer reserves the right to remove
the Registrar upon thirty (30) days notice and upon the
appointment of a successor Registrar, in which event the
predecessor Registrar shall deliver all cash and Bonds in its
possession to the successor Registrar and shall deliver the
bond register to the successor Registrar.
2.05. Optional Redemption. Bonds maturing in the years
1992 through 1997 shall not be subject to redemption prior to
maturity, but Bonds maturing in the years 1998 through 2001
shall be subject to redemption and prepayment at the option of
the Issuer, in whole or in part, in inverse order of maturity
dates and by lot, assigned in proportion to their principal
amount, within any maturity, on February 1, 1997, and any date
thereafter at a price equal to the principal amount thereof and
accrued interest to the date of redemption. Prior to the date
set for redemption of any Bond which is to be called for
redemption prior to its stated maturity date, the City Clerk
shall cause notice of the call for redemption thereof to be
published as required by law, and, at least 30 days prior to
the designated redemption date, shall cause notice of the call
for redemption thereof to be mailed to the registered holders
of any Bonds to be redeemed at their addresses as they appear
on the bond register described in Section 2.03 hereof.
2.07. Execution, Authentication, and Delivery. The Bonds
shall be prepared under the direction of the City Administrator
and shall be executed on behalf of the Issuer by the signatures
of the Mayor and City Administrator, provided that all
signatures may be printed, engraved, or lithographed facsimiles
of the originals. In case any officer whose signature, or a
facsimile of whose signature, shall appear on the Bonds shall
cease to be such officer before the delivery of any Bond, such
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signature or facsimile shall nevertheless be valid and
sufficient for all purposes, the same as if that officer had
remained in office until delivery. Notwithstanding such
execution, no Bond shall be valid or obligatory for any purpose
or entitled to any security hereunder until the certificate of
authentication on such Bond has been duly executed by the
manual signature of an authorized representative of the
Registrar. Certificates of authentication on different Bonds
need not be signed by the same representative. The executed
certificate of authentication on each Bond shall be conclusive
evidence that it has been authenticated and delivered under
this resolution. When the Bonds have been so prepared,
executed, and authenticated, the City Treasurer shall deliver
the same to the Purchaser upon payment of the purchase price in
accordance with the contract of sale, and the Purchaser shall
not be obligated to see to the application of the purchase
price.
2.08. Form of Bonds. The Bonds shall be printed in
substantially the following form:
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[Face of the Bonds]
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF SHERBURNE
CITY OF ELK RIVER
GENERAL OBLIGATION FIRE EQUIPMENT BOND, SERIES 1989A
Rate
Maturity
Date of
Original Issue
CUSIP
December 1, 1989
REGISTERED OWNER:
PRINCIPAL AMOUNT:
DOLLARS.
KNOW ALL PERSONS BY THESE PRESENTS that City of Elk River,
Minnesota, (the Issuer), acknowledges itself to be indebted and
for value received hereby promises to pay to the registered
owner specified above, or registered assigns, the principal
amount specified above on the maturity date specified above,
unless called for earlier redemption, with interest thereon
from the date hereof at the annual rate specified above
(calculated on the basis of a 360-day year of twelve 30 day
months), payable on February 1 and August 1 (the Interest
Payment Date) in each year, commencing August 1, 1990, until
the principal sum is paid or has been provided for. The
principal of and premium, if any, on this Bond are payable upon
presentation and surrender hereof at the principal office of
, in
(the Registrar), acting as paying
agent, or any successor paying agent duly appointed by the
Issuer. Interest on this Bond will be paid on each Interest
Payment Date by check or draft mailed to the registered owner
at the address appearing on the bond register maintained by the
Registrar at the close of business on the 15th day, whether or
not a business day, of the calendar month next preceding such
Interest Payment Date. The principal of and premium, if any,
and interest on this Bond are payable in lawful money of the
United States of America. For the prompt and full payment of
such principal and interest as the same respectively become
due, the full faith and credit and taxing powers of the Issuer
have been and are hereby irrevocably pledged.
IT IS HEREBY CERTIFIED, RECITED, COVENANTED, AND AGREED
that all acts, conditions, and things required by the
Constitution and laws of the State of Minnesota to be done, to
exist, to happen, and to be performed precedent to and in the
issuance of this Bond, in order to make it a valid and binding
general obligation of the Issuer in accordance with its terms,
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have been done, do exist, have happened, and have been
performed in regular and due form, time, and manner as so
required; that the Bonds are payable from a separate debt
service account of the Issuer and from ad valorem taxes which
have been appropriated to such account; that, if necessary for
payment of principal and of interest on the bonds of this
issue, additional ad valorem taxes may be levied upon all
taxable property within the corporate limits of the Issuer
without limitation as to rate or amount; and that the issuance
of this Bond does not cause the indebtedness of the Issuer to
exceed any constitutional or statutory limitation.
ADDITIONAL PROVISIONS OF THIS BOND ARE CONTAINED ON THE
REVERSE HEREOF AND SUCH PROVISIONS SHALL FOR ALL PURPOSES HAVE
THE SAME EFFECT AS THOUGH FULLY SET FORTH IN THIS PLACE.
This Bond shall not be valid or become obligatory for any
purpose or be entitled to any security or benefit under the
resolution authorizing its issuance (the Resolution) until the
Certificate of Authentication hereon shall have been executed
by the Registrar by manual signature of one of its authorized
representatives.
IN WITNESS WHEREOF, the Issuer by its City Council has
caused this Bond to be executed on its behalf by the facsimile
signatures of the Mayor and the City Administrator and has
caused this Bond to be dated as of the date set forth below.
Dated:
CITY OF ELK RIVER, MINNESOTA
Mayor
ATTEST:
City Administrator
CERTIFICATE OF AUTHENTICATION
This is one of the Bonds delivered pursuant to the
Resolution mentioned within.
By:
Authorized Representative
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[Reverse of the Bonds]
This Bond is one of an issue in the aggregate principal
amount of $480,000, all of like date and tenor, except as to
maturity date, interest rate, denomination, and redemption
privilege issued pursuant to a resolution adopted by the City
Council on November 6, 1989 (the Resolution), to provide funds
to finance the purchase of certain fire protection equipment
and is issued pursuant to and in full conformity with the
Constitution and laws of the State of Minnesota thereunto
enabling, including Chapter 475. The Bonds of this series are
issuable only as fully registered bonds, in denominations of
$5,000 or any multiple thereof, of single maturities.
Bonds of this issue maturing in 1997 and earlier years are
payable on their respective stated maturity dates without
option of prior paYment, but Bonds having stated maturity dates
in 1998 and later years are each subject to redemption and
prepayment at the option of the Issuer, in whole or in part,
and if in part in inverse order of maturity dates and by lot,
assigned in proportion to their principal amount, within any
maturity, on February 1, 1997, and any date thereafter, at a
price equal to the principal amount thereof plus interest
accrued to the date of redemption. Prior to the date specified
for the redemption of any Bond which is to be called for
redemption prior to its stated maturity date, the Issuer will
cause notice of the call for redemption to be published as
required by law, and, at least 30 days prior to the designated
redemption date, will cause notice of the call for redemption
thereof to be mailed to the registered owner of any Bond to be
redeemed at his address as it appears on the bond register
maintained by the Registrar. Upon partial redemption of any
Bond, a new Bond or Bonds will be delivered to the owner
without charge, representing the remaining principal amount
outstanding.
The Bonds are "qualified tax-exempt obligations" within the
meaning of Section 265(b)(3) of the Internal Revenue Code (the
Code), and, in the case of certain financial institutions
(within the meaning of Section 265(b)(5) of the Code), a
deduction is allowed for 80 percent of that portion of such
financial institution's interest expense allocable to interest
on the Bonds.
As provided in the Resolution and subject to certain
limitations set forth therein, this Bond is transferable upon
the books of the Issuer at the principal office of the
Registrar, by the registered owner hereof in person or by the
owner's attorney duly authorized in writing upon surrender
hereof together with a written instrument of transfer
satisfactory to the Registrar, duly executed by the registered
owner or the owner's attorney, and may also be surrendered in
exchange for Bonds of other authorized denominations. Upon
such transfer or exchange the Issuer will cause a new Bond or
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Bonds to be issued in the name of the transferee or registered
owner, of the same aggregate principal amount, bearing interest
at the same rate and maturing on the same date, subject to
reimbursement for any tax, fee, or governmental charge required
to be paid with respect to such transfer or exchange.
The Issuer and the Registrar may deem and treat the person
in whose name this Bond is registered as the absolute owner
hereof, whether this Bond is overdue or not, for the purpose of
receiving payment and for all other purposes, and neither the
Issuer nor the Registrar shall be affected by any notice to the
contrary.
(Form of certificate to be printed on the reserve side of each
Bond, following a full copy of the legal opinion)
We certify that the above is a full, true, and correct copy
of the legal opinion rendered by bond counsel on the issue of
Bonds of the City of Elk River, Minnesota, which includes the
within Bond, dated as of the date of delivery of and payment
for the Bonds.
(Facsimile Signature)
City Administrator
(Facsimile Signature)
Mayor
The following abbreviations, when used in the inscription on
the face of this Bond, shall be construed as though they were
written out in full according to applicable laws or
regulations:
TEN COM -- as tenants UNIF TRANS MIN ACT Custodian
In common (Cust) (Minor)
TEN ENT -- as tenants
by the entireties
under Uniform Transfer to Minors
JT TEN
as joint tenants
with right of
survivorship and
not as tenants
in common
(State)
Act. . . . . .
Additional abbreviations may also be used though not in
the above list.
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ASSIGNMENT
For value received, the undersigned hereby sells, assigns,
and transfers unto
the within Bond and all rights thereunder, and does hereby
irrevocably constitute and appoint
attorney to transfer the said Bond on the books kept for
registration of the within Bond, with full power of
substitution in the premises.
Dated:
Notice:
The assignor's signature to this assignment
must correspond with the name as it appears
upon the face of the within Bond in every
particular, without alteration or
enlargement or any change whatever.
Signature Guaranteed:
Signature(s) must be guaranteed by a national bank or trust
company or by a brokerage firm having a membership in one of
the major stock exchanges.
The Registrar will not effect transfer of this Bond unless
the information concerning the assignee requested below is
provided.
Name and Address:
(Include information for all joint owners if
the Bond is held by joint account)
Please insert social security
or other identifying number
of assignee
Section 3. Use of Bond Proceeds.
3.01. Equipment Costs. A special fund designated "The
General Obligation Fire Equipment Bonds, Series 1989A Fund"
(the Fund) is hereby established separate from the other funds
of the Issuer. A separate account is hereby established within
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the Fund designated the "Series 1989A Fire Equipment Bonds
Purchase Account." The proceeds of the sale of the Bonds, less
any accrued interest and unused discount, shall be credited to
the Series 1989A Fire Equipment Bonds Purchase Account. From
such account shall be paid all costs and expenses related to
the purchase of the Equipment; provided, that the moneys in
such account may also be used to the extent necessary to pay
interest or principal due on the Bonds prior to the
commencement of the collection of taxes levied or to be levied
for the purpose of paying the principal and interest due upon
the Bonds. The moneys in such account shall be used for no
other purpose, except as otherwise permitted by law, prior to
the payment of all costs of the Equipment purchase. If upon
payment in full of the Equipment purchase costs there shall
remain any unexpended balance in such account, such account
shall be discontinued and any money remaining in such account
shall be transferred to the separate account in the Common Debt
Service Account of the City authorized in Section 4.01 hereof.
Section 4. Sinking Fund and Tax Levies.
4.01. Debt Service Account. A separate account within the
Fund is hereby established, designated the "Series 1989A Fire
Equipment Bond Debt Service Account." There is hereby pledged
and there shall be credited to such separate account (a) all
accrued interest received from the purchaser of the Bonds;
(b) all taxes levied for paYment of the Bonds; (c) all funds
remaining in the Series 1989A Fire Equipment Bonds Purchase
Account after paYment of the costs of purchasing the Equipment;
and (d) any unused discount. Such separate account shall be
used solely to pay principal and interest on the Bonds and any
other general obligation bonds of the Issuer heretofore or
hereafter issued by the Issuer and made payable from such
separate account as permitted by law. If moneys in such
separate account should at any time be insufficient to pay
principal and interest due on the Bonds, such amount shall be
paid from the general fund of the Issuer, which shall be
reimbursed therefor when sufficient money becomes available in
such separate account. Any sums from time to time held in such
separate account (or any other fund of the Issuer which will be
used to pay principal or interest to become due on the Bonds)
in excess of amounts which under Section 148 of the Internal
Revenue Code (the Code), may be invested without regard to
yield, shall not be invested at a yield in excess of applicable
yield restrictions imposed by such provisions of the Code and
regulations.
4.02. Pledge of Full Faith and Credit. The Issuer pledges
its full faith and credit to the payment of the Bonds. For the
purpose of producing sums which will not be less than five
percent (5%) in excess of the principal of and interest on the
Bonds when due, there is hereby levied upon all taxable
property within the corporate limits of the Issuer, a direct,
annual ad valorem tax to be levied in the years as set forth
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below, and in the amount set forth opposite such years, to be
collected in the respective succeeding collection years:
Levy Collection
Year Year Amount
1989 1990 $38,049
1990 1991 69,363
1991 1992 72,372
1992 1993 69,768
1993 1994 67,143
1994 1995 69,747
1995 1996 71,973
1996 1997 68,586
1997 1998 70,424
1998 1999 71,862
1999 2000 72,891
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said taxes shall be irrepealable so long as any of the Bonds
are outstanding and unpaid; provided, that the Issuer reserves
the right and power to reduce the levies in the manner and to
the extent permitted by Minnesota Statutes, Section 475.61 and
laws amendatory thereof. In the event that said ad valorem
taxes do not prove sufficient to pay principal and interest on
the Bonds, the Issuer will promptly levy additional ad valorem
taxes as necessary for such payment without limitation as to
rate or amount.
Section 5. Miscellaneous.
5.01. Qualified Tax Exempt Obliqations. The Bonds are
hereby designated as "Qualified Tax-Exempt Obligations" as such
term is defined in Section 265{b)(3) of the Code. The Issuer
represents and covenants that it does not reasonably anticipate
issuing bonds which would constitute Qualified Tax Exempt
Obligations in an aggregate amount greater than $10,000,000 in
1989.
5.02. County Auditor Reqistration. The Clerk is directed
to file with the County Auditor of Sherburne County a certified
copy of this resolution and to obtain from the County Auditor a
certificate stating that the Bonds have been entered upon his
bond register and that the tax required for the paYment thereof
has been levied and filed as required by law.
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5.03. Authentication of Transcript. The officers of the
Issuer and said County Auditor are authorized and directed to
prepare and furnish to the purchasers of the Bonds, and to bond
counsel, certified copies of all proceedings and records of the
Issuer relating to the authorization and issuance of the Bonds
and such other affidavits and certificates as may reasonably be
required to show the facts relating to the legality and
marketability of the Bonds as such facts appear from the
officers' books and records or are otherwise known to them.
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All such certified copies, certificates, and affidavits,
including any heretofore furnished, shall be deemed
representations of the Issuer as to the correctness of all
statements contained therein.
5.04. Arbitraqe.
(a) The Issuer covenants and agrees with the holders
from time to time of the Bonds herein authorized
that it will not take, or permit to be taken, by
any of its officers, employees, or agents, any
action which would cause the interest payable on
the Bonds to become subject to taxation under
the Code; and that it will take, or will cause
its officers, employees, or agents to take, all
affirmative actions within its powers which may
be necessary to insure that such interest will
not become subject to taxation under the code.
The Code as used herein includes the Code and
all regulations adopted thereunder. The city
will make paYments to the United states, if any,
which are required to be made by the provision
of paragraph (f) of section 148 of the Code.
(b) The Mayor and the City Administrator, being
officers of the City charged with the
responsibility for issuing the Bonds pursuant to
this Resolution, are authorized and directed to
execute and deliver to the Purchaser a
certification in order to satisfy the provisions
of Section 148 of the Code.
The motion for the adoption of the foregoing resolution was
duly seconded by Member
Holmgren
and upon vote being
taken thereon, the following voted in favor thereof: All members
and the following voted against the same:
None
whereupon said resolution was declared duly passed and adopted.
SBS:BZl
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SPRINGSTED
PUBLIC FINANCE ADVISORS
85 East Seventh Place, SUite 100
Samt Paul. MN 55101.2143
612.223.3000
Fax 612.223.3002
$480,000
CITY OF ELK RIVER, MINNESOTA
GENERAL OBLIGATION FIRE EQUIPMENT BONDS, SERIES 1989A
AWARD:
CRONIN & COMPANY, INCORPORATED
SALE:
MoOdy's Rating: Baa1
.
November 6, 1989
Interest
Rates
6.10% 1992
6.20% 1993
6.25% 1994
6.300k 1995
6.40% 1996
6.45% 1997
6.50% 1998
6.60% 1999
6.70% 2000
6.80% 2001
6.00% 1992
6.10% 1993
6.20% 1994
6.30% 1995
6.40% 1996
6.50% 1997
6.60% 1998
6.70% 1999
6.75% 2000
6.80% 2001
6.10% 1992
6.20% 1993
6.30% 1994
6.40% 1995
6.50% 1996
6.60% 1997
6.70% 1998
6.75% 1999
6.80% 2000
6.90% 2001
$475,003.20
Bidder
CRONIN & COMPANY, INCORPORATED
Price
$475,080.00
NORWEST INVESTMENT SERVICES,
INCORPORATED
$475,200.00
MILLER, JOHNSON & KUEHN, INC.
.
Net Interest
Cost & Rate
$231,751.67
(6.6980%)
$232,742.50
(6.7266%)
$235,842.22
(6.8162%)
(Continued)
Indiana Office:
135 North Pennsylvania Street
SUite 2015
Indianapolis. IN 46204.2498
317.684.6000
Fax 317.684.6004
Kansas Office
6800 College Boulevard
Suite 600
Overland Park. KS 66211-1533
913.345.8062
Fax 913.345.1770
Wisconsin Office:
500 Elm Grove Road
Suite 101
Elm Grove. WI 53122.0037
414.782.8222
Fax 414.782.2904
Interest Net Interest
Bidder Rates Price Cost & Rate
MOORE, JURAN AND COMPANY, 6.60% 1992-1997 $475,000.00 $273,922.0.
INCORPORATED 6.70% 1998 (6.8763%)
6.75% 1999
6.80% 2000
6.90% 2001
JURAN & MOODY, INCORPORATED 6.60% 1992-1994 $475,008.00 $238,756.58
DOUGHERTY, DAWKINS, STRAND & YOST, 6.70% 1995-1998 (6.9005%)
INCORPORTED 6.75% 1999
6.80% 2000
6.90% 2001
PIPER, JAFFRA Y & HOPWOOD 6.25% 1992 $475,008.00 $238,879.08
INCORPORATED 6.30% 1993 (6.904020%)
6.40% 1994
6.50% 1995
6.60% 1996
6.70% 1997
6.75% 1998
6.80% 1999
6.90% 2000
7.00% 2001
ALLISON-WILLIAMS COMPANY 6.60% 1992-1994 $475,483.20 $239,347.63
American National Bank St. Paul 6.70% 1995-1997 (6.917562%)
6.75% 1998 .
6.80% 1999
6.90% 2000-2001
FIRST BANK NATIONAL ASSOCIATION 6.60% 1992-1996 $475,104.00 $239,968.50
First National Bank of Elk River 6.70% 1997 (6.9355%)
6.75% 1998
6.80% 1999
6.90% 2000
7.00% 2001
(Continued)
.
Bidder
Interest
Rates
Price
Net Interest
Cost & Rate
.
These Bonds are being reoffered at par.
REOFFERING SCHEDULE OF THE PURCHASER
Rate
Year
Yield
6.10%
6.20%
6.25%
6.30%
6.40%
6.45%
6.50%
6.60%
6.70%
6.80%
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
Par
Par
NRO
Par
Par
Par
Par
Par
Par
Par
.
.
BBI: 7.24
Average Maturity: 7.21 Years